A group of payments companies created the Embedded Payments Bill of Rights in an effort to influence players in the payments ecosystem to act ethically and cooperate.
According to the legislation, everyone who is a member of the integrated payments ecosystem has the right to assume that payment providers will uphold the principles of equality, openness, flexibility, greater control, moral behavior, and freedom.
Every business that wants to include payments into its operations needs transparency, respect, and the flexibility to determine its own success, according to Todd Ablowitz, co-founder and co-CEO of integrated payments software provider Infinicept and a prominent backer of the bill.
The market has evolved, and he said that payment processors and suppliers must adjust as well. It is “our aim that the Bill of Rights serves as a guidepost for any company desiring to establish their own payments strategy” in today’s fast-paced world.
Authvia, SumUp, and Valpay, among other companies, support the Embedded Payments Bill of Rights, which was unveiled at Infinicept’s annual “Ignite” conference, according to a news release. In addition to WorkWave, Aben, Handpoint, and Oasis Consulting LLC, the bill’s authors.
According to Matt Doka, chief technology officer, many software firms “battle to create and keep control over their payments strategy and go to market when processors push for excessively restrictive terms and focus on serving their own agendas over their customers.”
A single, open payment operations solution was introduced by Infinicept last month to enable users to connect with any processor or alternative payment rail of their choice.
The “bring their own processor” capability of the Infiniport system enables payment facilitators, payments businesses, and software platforms with embedded payments.
Infinicept Senior Vice President of Growth Michael Bradley noted at the time that “Infiniport is one of the most strategic go-to-market efforts we have done.” “With this capability, we are making a significant advancement in realizing our vision of enabling enterprises to take charge of their future through embedded payments.”
